As a Chinese, talk about my views on the new policy

[clippers]

The first is Bitcoin itself

Bitcoin was used to counter the regulation of centralized institutions from the beginning, so it will inevitably be cracked down by the government and even criminalized by some governments. This does not require the government to issue a statement, it should be something we have known for a long time.

Some things are not set in stone, and policies are based on actual conditions.

In fact, the problems posed by Bitcoin that the Chinese government faces are different from those of some European and American countries.

1. Due to the arrival of the Bitcoin bull market, many Chinese have joined the Bitcoin market, but most of them have never even heard of Nakamoto. This sounds very ridiculous, but this is the status quo in China. This part of investors has pushed the price of currencies such as doge to rise, but when the price plummets, they are likely to harm society because of losses.

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

3. China's current development focus is still on the real economy, and the excessive inflow of funds into financial fields such as digital currency is not in China's interests.

In fact, China’s policy announcement and final implementation are often different.

I personally think that it is difficult to regulate Bitcoin by cracking down on Bitcoin, which will activate the original properties of Bitcoin.

Be sure to seize the opportunity to sell Bitcoin at 50% off!

[Charles-Tim]

Bitcoin was used to counter the regulation of centralized institutions from the beginning, so it will inevitably be cracked down by the government and even criminalized by some governments.

Bitcoin was not used to counter centralized currencies, it is just an alternative. People will still always use Bitcoin and other cryptocurrencies. If the government are criminalizing cryptocurrencies, it is just like they are criminalizing people's privacy.

1. Due to the arrival of the Bitcoin bull market, many Chinese have joined the Bitcoin market, but most of them have never even heard of Nakamoto.

What does this has to mean? Will Satoshi Nakamoto be the one to buy and sell them bitcoin? Satoshi is just the founder of Bitcoin, but Bitcoin is not controlled by anyone or any central authority.

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

Elon Musk is a clown misleading people because I know he knows much about Bitcoin but just want to manipulate and make people to buy Doge. I think you need to read this:

Study: Over 74% of Bitcoin Mining is Powered by Renewable Energy

People will not face the fact, when people are using a service and able to pay for the service, is that what people should be complaning about? And yet Bitcoin almost make use of green energy for mining.

We have known China to be absurd, they do not want to welcome anything not from their country, no foreign social media did they accepted in their country, cryptocurrencies were not even accepted before in China till present. Just know that Bitcoin is not controlled by any country, if China force their miners not to mine Bitcoin and other cryptocurrencies again, that is just an opportunity for miners in other countries to buy more miners, also the miners in China will move to other countries.

[somac.]

I fail too see correlation between knowing Satoshi Nakamoto and risk of invesing on Bitcoin. Besides, other investment also have similar risks with cryptocurrency investment.

I think what he means is that Chinese investors (or rather gamblers) are as dumb as dogshit and know nothing about what Bitcoin actually is, nor how it works. They are just a bunch of followers, who pour money into bubble after bubble until they have completely destroyed their financial positions that they can't do it anymore. After Bitcoin and stupid crap like doge they will just go into the next get rich quick scheme.

Screw them, Bitcoin does not need their type, nor is it beneficial to have them involved.

[hannahB4]

"Be sure to seize the opportunity to sell Bitcoin at 50% off!" let anybody decides on their own claim why the advice. We have many things that have constituted many negative hazards to the environment and the government hasn't done anything about it, for example, the big companies exhaust from their sophisticated engine they are pollution which is harmful to human beings upon just inhaling so what are we talking about.

[slaman29]

I remember one post about Bitcoin which I really agree with and which a lot of people could do to see the different point of view. Bitcoin is not about taking your money out of your country, but about taking your country out of your money.

This is why countries like CHINA and USA can never live in harmony with Bitcoin.

With crypto, maybe. Some are okay to have some govt control. But not Bitcoin.

[OcTradism]

1. Due to the arrival of the Bitcoin bull market, many Chinese have joined the Bitcoin market, but most of them have never even heard of Nakamoto. This sounds very ridiculous, but this is the status quo in China.

Many investors don't know technology and good things behind Bitcoin and they definitely don't know who is the founder of Bitcoin, in name or in person.

It is not a matter because a market need capital. It is important for any market. In each market, there are smart and stupid investors and the crowd have lower EQ than smart investors or whales. It is basics for all market growth and price manipulations.

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

Why Musk is the person who accused it. He is not the first person and not the last. Do you think Chinese government have Bitcoin and mine Bitcoin secretly?

Do you think Chinese government get more taxes from Bitcoin mining farms? They want taxes, Bitcoin and money. They don't care about environment, global warming, excessive energy consumption from Bitcoin mining.

Look at how the industrialization in China pollutes the environment there.

3. China's current development focus is still on the real economy, and the excessive inflow of funds into financial fields such as digital currency is not in China's interests.

With Bitcoin and crypto, they can make their national capital bigger. Cash Bitcoin to renminbi and they will have real capital for real economy.

In fact, China’s policy announcement and final implementation are often different.

They are a lie government.

[uneng]

1. Due to the arrival of the Bitcoin bull market, many Chinese have joined the Bitcoin market, but most of them have never even heard of Nakamoto. This sounds very ridiculous, but this is the status quo in China. This part of investors has pushed the price of currencies such as doge to rise, but when the price plummets, they are likely to harm society because of losses.

Maybe most investors in China are just too practical to care for bitcoin's history and origins, so they don't know who Nakamoto is.

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

China wouldn't crack down bitcoin mining for this reason. Most probably the government saw bitcoin mining popularity increasing recently, so they became worried about a decentralized currency getting support among their citizens. Another reason could be also the one you mentioned on the first point: when the market crashes, it will harm chinese's investments in bitcoin.
At same time bitcoin mining has been always very popular in China, no? This announcement and many others made before don't make much sense when you put the reality side by side, but as you said below:

In fact, China’s policy announcement and final implementation are often different.

I personally think that it is difficult to regulate Bitcoin by cracking down on Bitcoin, which will activate the original properties of Bitcoin.

It seems there is some chance this announcement is just FUD, so it doesn't mean a strict regulation is going to be implemented, right?

[zanezane]

I agree on the part that you said that it is difficult to regulate bitcoin by cracking down on it. How come they are interested in developing real economy but they find bitcoin uninteresting? Did they have a comprehensive study that says bitcoin isn't going to help them? Also I was pretty piqued with the fact that not a lot of people in China's crypto scene doesn't know about Satoshi, is it that heavily censored there?

[Saltius]

I agree on the part that you said that it is difficult to regulate bitcoin by cracking down on it. How come they are interested in developing real economy but they find bitcoin uninteresting? Did they have a comprehensive study that says bitcoin isn't going to help them? Also I was pretty piqued with the fact that not a lot of people in China's crypto scene doesn't know about Satoshi, is it that heavily censored there?

It is not about heavy censorship but tons of misinformation(or disinformation may be more correctly) instead.

Think about this survey in Australia.
https://www.msn.com/en-au/money/markets/56-25-of-aussies-think-elon-musk-invented-bitcoin/ar-BB1gST6c

[Saltius]

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

China wouldn't crack down bitcoin mining for this reason. Most probably the government saw bitcoin mining popularity increasing recently, so they became worried about a decentralized currency getting support among their citizens. Another reason could be also the one you mentioned on the first point: when the market crashes, it will harm chinese's investments in bitcoin.
At same time bitcoin mining has been always very popular in China, no? This announcement and many others made before don't make much sense when you put the reality side by side, but as you said below:

I could tell you that what OP mentioned is true while it seems ridiculous though.
Do you know that China also shut down tens of large Aluminium refineries which consume enormous electricity just like crypto mining at the meantime?
Bitcoin mining is just one of the many industries harmed by this so called carbon neutrality policy.

BTW: Most Chinese citizens who take the ride of cryptos care no shit about decentralization but making them rich quickly. This is the least thing CCP would worry.

[chshlo1]

In fact, 60% of the market does not study how to invest, and follow suit to get rich quickly. This gives ElonMusk
 the opportunity to affect a large number of people.

[TravelMug]

1. Due to the arrival of the Bitcoin bull market, many Chinese have joined the Bitcoin market, but most of them have never even heard of Nakamoto. This sounds very ridiculous, but this is the status quo in China. This part of investors has pushed the price of currencies such as doge to rise, but when the price plummets, they are likely to harm society because of losses.

Not the first time that we have seen bitcoin bull run, in 2017 there was also a massive spike in price. I think it's more of Chinese government doesn't want "capital flight".

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

The question is how big bitcoin's foot carbon footprint, it is big enough to affect the environment?

3. China's current development focus is still on the real economy, and the excessive inflow of funds into financial fields such as digital currency is not in China's interests.

In fact, China’s policy announcement and final implementation are often different.

Chinese policy has been very different, yeah I agree that still on the real economy, however, it's more global though. Not just on crypto or blockchain technology.

Be sure to seize the opportunity to sell Bitcoin at 50% off!

You mean buy at 50% off?

[uneng]

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

China wouldn't crack down bitcoin mining for this reason. Most probably the government saw bitcoin mining popularity increasing recently, so they became worried about a decentralized currency getting support among their citizens. Another reason could be also the one you mentioned on the first point: when the market crashes, it will harm chinese's investments in bitcoin.
At same time bitcoin mining has been always very popular in China, no? This announcement and many others made before don't make much sense when you put the reality side by side, but as you said below:

I could tell you that what OP mentioned is true while it seems ridiculous though.
Do you know that China also shut down tens of large Aluminium refineries which consume enormous electricity just like crypto mining at the meantime?
Bitcoin mining is just one of the many industries harmed by this so called carbon neutrality policy.

BTW: Most Chinese citizens who take the ride of cryptos care no shit about decentralization but making them rich quickly. This is the least thing CCP would worry.

I didn't know about it. I thought China wasn't taking the global deals to decrease co2 emissions seriously.
But don't you think even chinese citizens not caring about decentralization it's still a risk for the government to have a decentralized currency becoming more popular each new day? In government's point of view, investors' money could be going to the national industry instead of a global currency which they have no control over it.

[Imran232]

After reading your all point i want to share my some of mine opinion about your point well its not against its just my opinion.

First of all if government thoght satoshi nakamoto is the person who is handleing the bitcoin buy / sell then its totally wrong he is just a creator. Even if he want he can't take bitcoin from my or your wallet to his wallet. So its totally clear that bitcoin is not a centralized its non authority controled. 2nd the criminalism just think every year how much people got scamed by credit card, and some soo called mobile banking so dose government ban then no. Because those are technologies and technology is made for users to life easy. And here bitcoin is the most user-friendly and secure. In bank or credit card or mobile banking anyone can easily scamed people by knowing their soo called otp code. But bitcoin there is no otp option. Still bitcoin hacking its soo tough. So isn't it secured too. But government excuses only criminialism and money laundering no other excuse. And now some of government so called tax option. Which clearly lost of privacy which is bitcoin's making fact against. But what can we do its government decision. Otherwise they have jail. Hahaha lol. By the way thanks for pointing us those points on your countries. Because of this thing we got to know about it.

[Fortify]

1. Due to the arrival of the Bitcoin bull market, many Chinese have joined the Bitcoin market, but most of them have never even heard of Nakamoto. This sounds very ridiculous, but this is the status quo in China. This part of investors has pushed the price of currencies such as doge to rise, but when the price plummets, they are likely to harm society because of losses.

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

3. China's current development focus is still on the real economy, and the excessive inflow of funds into financial fields such as digital currency is not in China's interests.

In fact, China’s policy announcement and final implementation are often different.

What you're saying is largely true, but I there is a bit deeper thinking about the current Chinese government attention to cryptocurrencies. As you say in the second point, the environment pressure coming from mining is largely because "dirty" fossil fuels are being used by Chinese miners instead of more friendly (and expensive) power sources - considering 65%+ of activity is coming from China this is a major stain on the reputation a country that is trying to clean up it's environment. Not to mention the harmful pollutants it is pumping into the air and harming many people so few can profit. China also likes to heavily control it's currency, sometimes to give it an edge via trading, but cryptocurrency is getting to the point that it may start interfering with government monetary policy and also allow funds to "leak" out of Chinese government control.

[teosanru]

First of all I think it's because of China's ultra strict make in China policy. When they don't even allow giants like Facebook or Google to operate in their country what makes you think they would allow bitcoin to flow freely? Their idea of communism is essentially to curtail anything which could be used against their national party in future. Bitcoin being uncontrolled by them gives them sleepless night that there is something in China that they don't control. Which is why they ended up banning it. About Mining we all have had numerous debates as to how net effect of the energy used to mine Bitcoins ends up to zero. If they are so concerned about electricity only why don't shut computer systems of the entire country then? Mining is bad for environment is the worst excuse one can put for not using bitcoin. If we go by this even heavy gaming is bad for the environment isn't it?

[NotFuzzyWarm]

I fail too see correlation between knowing Satoshi Nakamoto and risk of invesing on Bitcoin. Besides, other investment also have similar risks with cryptocurrency investment.

I think what he means is that Chinese investors (or rather gamblers) are as dumb as dogshit and know nothing about what Bitcoin actually is, nor how it works. They are just a bunch of followers, who pour money into bubble after bubble until they have completely destroyed their financial positions that they can't do it anymore. After Bitcoin and stupid crap like doge they will just go into the next get rich quick scheme.

Screw them, Bitcoin does not need their type, nor is it beneficial to have them involved.

Actually, the "dumb as dog shit" moniker seems to fit most new crypto investors and wannbe investors living in all countries. No single race or nationality has a lock on that distinction...

[Saltius]

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

China wouldn't crack down bitcoin mining for this reason. Most probably the government saw bitcoin mining popularity increasing recently, so they became worried about a decentralized currency getting support among their citizens. Another reason could be also the one you mentioned on the first point: when the market crashes, it will harm chinese's investments in bitcoin.
At same time bitcoin mining has been always very popular in China, no? This announcement and many others made before don't make much sense when you put the reality side by side, but as you said below:

I could tell you that what OP mentioned is true while it seems ridiculous though.
Do you know that China also shut down tens of large Aluminium refineries which consume enormous electricity just like crypto mining at the meantime?
Bitcoin mining is just one of the many industries harmed by this so called carbon neutrality policy.

BTW: Most Chinese citizens who take the ride of cryptos care no shit about decentralization but making them rich quickly. This is the least thing CCP would worry.

I didn't know about it. I thought China wasn't taking the global deals to decrease co2 emissions seriously.
But don't you think even chinese citizens not caring about decentralization it's still a risk for the government to have a decentralized currency becoming more popular each new day? In government's point of view, investors' money could be going to the national industry instead of a global currency which they have no control over it.

Most guys here can't read Chinese so few here could hear about the sufferings of Chinese entrepreneurs aside from crypto miners.
I just read some local news in Chinese about shutting down Aluminium refineries and was shocked by such foolishness.
Taking CO2 emissions seriously might make China political leaders look nice on the international stage I guess.
To put on make up of their leaders' faces, CCP won't have trouble damaging the interest of their own citizens (or I should use the word subjects in this case).
This Chinese logic may just be hard to understand by free people.

BTW, in my opinion the main reason why China gov hates crypto including bitcoin is it could drain fund away from their national stock and estate market where CCP could do their manipulation to deprive wealth from Chinese without foreign competitors.

[ethereumhunter]

BTW, in my opinion the main reason why China gov hates crypto including bitcoin is it could drain fund away from their national stock and estate market where CCP could do their manipulation to deprive wealth from Chinese without foreign competitors.

I think that is the reason why big countries do not want to accept crypto, including bitcoin. The country's income will reduce from that thing and many people can become rich so poverty can be solved from the country. I think the government wants to do something that can make them look good in the other country and that will always be done to gain achievement in the all government's eyes.

[davis196]

Basically the two main reasons why China hates cryptocurrencies are:
1.Tax evasion.
2.Exporting money and capitals outside China.
Cryptocurrency mining was never really a problem for the Chinese government,since the communists don't care that much about sustainable development and protecting mother nature.Pollution of the environment was never really a problem for the Chinese communists,until the air in Beijing became toxic and you could see what you breed.